The global enhanced oil recovery market is segmented into technology type such as thermal injection, gas injection, and chemical injection. Among these segments, thermal injection segment is expected to occupy the top position in the market by the end of forecast period.
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The rise of the thermal injection segment can be attributed to low cost and high recovery rates of thermal injection technique. Additionally, high flexibility of thermal injection method for shallow, dipping, thick, and high permeability reservoirs is also a key factor which is envisioned to drive the growth of market across the globe.
Apart from this, growing preference for CO2 enhanced oil recovery is expected to drive the growth of gas injection segment over the forecast period.
Global enhanced oil recovery market is expected to register a 23.2% CAGR over the forecast period.
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Moreover, the global enhanced oil recovery market is primarily driven by growing energy demand across all regions. Furthermore, the increasing needs to boost the oil extraction to meet the energy demand are expected to enhance the growth of global enhanced oil recovery market in near future.
The onshore segment by application is accounted for major market shares in 2016 and is expected to maintain this dominance over the forecast period. Furthermore, presence of large base of onshore reservoirs as compared to offshore reservoirs is a major reason which is why this segment is expected to grab major shares in market of enhanced oil recovery by the end of forecast period.
Factor such as, increasing number of aging onshore oil fields coupled with growing concern towards heavy oil reservoirs are expected to drive the growth of this segment over the forecast period.
Increasing Demand for Energy
Some of the factors such as rising consumption of energy and rising oil prices are included which has led various oil & gas companies to use enhanced oil recovery techniques to improve the production rate. Further, shortage of convention energy sources is also a major factor which may bolster the growth of this segment over the forecast period.
Growing Oil & Gas Sector
Exploration of new oil fields and government support to boost the growth of oil & gas sector to fulfill the rising demand of energy are predicted to bolster the growth of market in future.
However, presence of other technologies to boost the extraction rate in oil fields is likely to inhibit the growth of the enhanced oil recovery market in the near future.
The report titled “Global Enhanced oil recovery Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global enhanced oil recovery market in terms of market segmentation by technology, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global enhanced oil recovery market which includes company profiling of BP PLC, AUDUBON, Nalco Company, Praxair Technology, Inc., Royal Dutch Shell, ExxonMobil Corporation, Lukoil Oil Company,, Schlumberger Limited, Halliburton and Baker Hughes Incorporated. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global enhanced oil recovery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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